01

BUSINESS

BFriday, 29 March, 2013

Caretaker government should revisit gas load

shedding schedule to provide relief to masses.

– APCNGA Chairman Ghiyas Piracha

KARACHI

ISMAIL DILAWAR

IF the investors’ response to the5th Term Finance Certificates(TFCs) of the Bank AlfalahLimited (BAL) is any criteria,there is a strong demand fornew investment windows on

the recently-demutualised Karachi StocksExchange (KSE).

Thursday saw the BAL, claiming tohave become the country’s 6th largestbank, celebrating the formal listing andquotation of its rated, listed, unsecured andsubordinated TFCs on the Karachi bourse.

“We are proud of this debt market in-strument which was oversubscribed by theinvestors on stocks market which showsthat the investors still have great confi-dence in the Bank Alfalah,” Bajwa told re-porters at a gong ceremony organised bythe KSE at the Exchange to mark formallisting of the newly-launched debt securityon the equity market.

The listing followed the KSE’s nodwhich was accorded after the completionof all relevant listing requirements.

“We wish to thank all the investors forshowing such confidence in the bank,” saidBajwa adding his side was fully committedto contributing towards the development of

the debt capital market in Pakistan and thisfifth TFC is another step in this direction”.

Salim Raza said the debt instrumentwould augur well for the country’s bondmarket which was a friction less than 5percent, of the market.

To a question, Raza urged the currentcaretaker government in Islamabad to takewhat he called it “pre-IMF measures”. “Weall hope that stabilization measures wouldcome up ahead,” he remarked.

Arif Habib, the market maker of theTFCs, said the investors’ overwhelming re-sponse had set a franchise in the equitymarket. He said due to structural reformsintroduced by the SECP and the KSE liq-

uidity on the secondary market would cer-tainly improve.

He said lack of awareness had kept theinvestors away from the stocks marketwhich was offering higher returns on theirinvestments compared to the banks.

Estimating the annual worker remit-tances at $ 20 billion being received bytheir remitters’ families through formal andinformal channels, Arif said capital marketwas an attractive investment place for theoverseas Pakistanis who must be earning $40-50 billion an year. “If we educate thoseinvestors the country would rely on exter-nal financing no further,” the business ty-coon said.

Investors offer over Rs 4 billion to Bank Alfalah’s Rs 1.2b IPO for TFCs

KARACHI

STAFF REPORT

The Karachi Stock Exchange (KSE) hasapproved the application of the formallisting and quotation of Bank AlfalahLimited’s 5th issue of its rated, listed, un-secured and subordinated term financecertificates (TFCs), upon completion ofall relevant listing requirements. TheKarachi Stock Exchange also arranged agong ceremony for the formal listing ofthis debt security.

Speaking on the occasion, Atif Bajwa,CEO of Bank Alfalah said, “The Bank isfully committed to contributing towardsthe development of the debt capital marketin Pakistan and this fifth TFC is anotherstep in this direction. We are happy thatthis TFC is one of the largest listed TFCsin recent times and its distribution strategyhas been to attract a more diversified in-vestor base mainly from the non bankingsector. Looking ahead the Bank is explor-ing new avenues to introduce and invest ina wider array of equity and debt market in-struments. We believe this will help spurgrowth in capital markets. We also wish tothank all the investors for showing suchconfidence in the Bank.”

Bank Alfalah successfully raised PKR5,000 million for this TFC. Of the total is-suance amount, PKR 3,750 million wasraised through private placement and the re-

maining amount of PKR 1,250 million wasraised through the initial public offering thattook place on 19th and 20th February 2013.The Bank received an overwhelming re-sponse and PKR 4,081 million was receivedagainst PKR 1,250 million of issue size, thatis a 3.7 times oversubscription.

According to KSE, the trading in theTFC commenced on March 28, 2013.Transactions will take place in the Bank

Alfalah TFCs through the Bonds Auto-matic Trading System (BATS) and will besettled on a T+1 settlement basis. The TFChas already been declared as eligible secu-rity by the Central Depository Company ofPakistan Limited (CDC) and all the trans-actions will be settled through the NationalClearing Company of Pakistan Limited(NCCPL), which has assigned“BAFLTFC5” as the symbol.

As we enter 2013, Bank Alfalah con-tinues to operate through a network of 471branches across 163 cities in Pakistan inorder to provide consumers, corporations,institutions and governments with a broadspectrum of financial products and serv-ices, including corporate and investmentbanking, consumer banking and credit, se-curities brokerage, commercial, agricul-tural, Islamic and asset financing.

Pak pays 11thinstallment of$143.7m to IMFKARACHI: Pakistan has paid the 11th

installment of loan to the International

Monetary Fund (IMF) amounting to $

143.7 million.

Confirming the payment of the 11th

installment, State Bank Spokesman

Wasimuddin said in February Pakistan

made the payment of 10th installment

totaling $ 391.8 million.

Under the standby arrangement,

Pakistan had obtained a loan of 8.3

billion dollars from the IMF in 2008-9.

The spokesman said since February,

2012 Pakistan has made repayment of $

2.7 billion to the IMF. STAFF REPORT

10,000 smuggledvehicles legitimisedthrough amnestyscheme so farISLAMABAD: The smuggled vehicles’

amnesty scheme notified by the

Federal Government, for legitimizing

smuggled vehicles upon payment of

duty and taxes, has fetched Rs. 3

billion approximately to date, through

legitimizing around 10,000 (ten

thousand) vehicles across the

country. According to a statement of

the FBR issued here on Thursday it

reiterated again that the last date to

avail this facility of the amnesty

scheme will not be extended beyond

March 31, 2013. The FBR further

clarified that all Customs’ field

formations will remain open on

Saturday the Sunday the March

31,March 31 2013 as a special

arrangement to facilitate persons

availing this amnesty scheme.

Moreover, designated branches of

National Bank of Pakistan will also

remain open on aforementioned

days. APP

APCNGA demands7-day gas supplyto PunjabISLAMABAD: The All Pakistan CNG

Association (APCNGA) on Thursday

demanded 7-day gas supply to the

Compressed Natural Gas (CNG) filling

stations all over Punjab as weather has

returned to normal state reducing

demand for the natural gas by domestic

consumers. Restoration of gas supply in

Punjab would result in extra consumption

of only 15 mmcfd gas while seven-day

supply will result in additional

consumption of around 60 mmcfd only,

said Chairman of the Supreme Council

APCNGA Ghiyas Abdullah Paracha. In a

statement issued here today, he said that

ending gas load shedding for CNG sector

in Punjab would consume mere one per

cent of the total national gas output

while it will benefit millions, guarantee

thousands of jobs, contain inflation and

reduce pressure on foreign exchange

reserves. Caretaker government should

revisit load shedding schedule to provide

relief to masses who have braved

unprecedented gas load shedding in

Punjab all the way through last three

years that took toll on daily life, economy

and the foreign exchange reserves, he

added. Paracha said that in past policies

were framed disregarding the interests of

masses including 80 million commuters

who use public transport. INP

Bank Alfalah’s 5th TFC listed at KSE

KARACHI: Atif Bajwa, CEO Bank Alfalah, Nadeem Naqvi, MD KSE, Salim Raza, ex-governor SBP, Muneer Kamal, Chairman

KSE, Ali Sultan, Group Head Treasury and FI Bank Alfalah, and Ikram Ul-Majeed Sehgal, Director Bank Alfalah. STAFF PHOTO

ISLAMABAD

APP

The head of visiting South Sudan delega-tion here on Thursday sought the assis-tance of Zarai Taraqiati Bank for thedevelopment of agriculture sector of thecountry. In this regard a high level delegationcomprising Joseph Kulang John Konga,Minister of State/Chairman Board of In-vestment, John Ijino Lako DG Ministryof Finance, Republic of South Sudan vis-ited ZTBL along with other representa-tives here today.

According to a statement of the Bankissued here today, the purpose of the visitwas to explore avenues and possible op-portunities for the Sudan Govt. to get theexpertise vis-vis consultancy in the areaof Agricultural Technologies from ZTBL.

Afzal Sharif, Advisor on BusinessDevelopment welcomed the delegationon behalf of the President ZTBL.

Sharif briefed the delegation thatZTBL the only financial institution of theGovernment of Pakistan engaged in thedevelopment of agriculture sector in thecountry.

Razia Begum, EVP (RP&T) gave ashort presentation on ZTBL to the dele-gation which was followed by a brief talkby Naseer Parvaz Qureshi on the IT re-lated developments made by ZTBL foragricultural credit.

Muhammad Shah Zaman, SVP, Pres-ident Support Department briefed the del-egation about the expertise available withthe Bank and technical assistance/tech-nology transfer which could be madeavailable to South Sudan in the field ofagriculture development.

Joseph Kulang John, while briefingthe participants informed that Republic ofSouth Sudan is the youngest nation in theworld and came into being in 2011 afterthe division of Sudan into two countriesby the United Nations.

Since South Sudan is in its infancystages and need to help from the worldfor the development of institutions in al-most all walks of life for development ofthe people in the country.

The purpose of visit to ZTBL is to ex-plore areas of interest and how the SouthSudan could utilize the services offeredby the ZTBL for the development of agri-culture sector.

He informed that we are on a factfinding mission in Pakistan and visitingvarious organizations/departments bothin the public and private sector to find outareas of interest.

On their return to home country, theGovt. of South Sudan will send anotherdetailed mission for the above mentionedpurposes who will look into all possibleareas of mutual cooperation, technical as-sistance & consultancy needs for the Re-public of South Sudan.

He very warmly appreciated theZTBL management for organizing thesaid meeting on a very short notice andlauded the services offered by ZTBL.

South Sudan seeks ZTBL assistanceto promote its agri sector

China to increase investment in Pakistan’senergy sector ISLAMABAD: China is committed to investheavily in Pakistan’s energy and other sectors toimprove lives of people, Deputy Chief of Mis-sion of the Chinese Embassy Yao Wen saidThursday. Speaking at a function at a localschool here, Yao Wen said Chinese are alreadyworking on 120 projects in Pakistan witharound a quarter related to energy. In addition,during the last five years volume of bilateraltrade has grown by 70 per cent to over $ 12 bil-lion with Pakistani exports increased two-foldfrom $1 billion to $2.2 billion, he informed. YaoWen stressed the need for enhancing collabora-tion between educational institutions and ex-changes of students and researchers to promoteintellectual cooperation. Lauding the role ofPakistan in regional and global peace, stabilityand development, he said that Pakistan has of-fered great sacrifices to ensure peace. Speakingon the occasion, President Ex-Chinese Associa-tion Raza Khan lauded the Chinese assistanceand cooperation in various fields, terming it agreat service to people of Pakistan. He laudedthe active involvement of Chinese AmbassadorLiu Jian in capacity building of students andsaid that supporting needy students was a greatservice for social development. Raza Khanstressed the need for increasing people-to-peo-ple exchanges to promote understanding andcarry forward cause of Pak-China friendship.Terming China a sincere friend, Joint Secre-tary Ministry of Education Prof. MuhammadRafiq Tahir said that two countries shouldfully unleash their potential of cooperation tobenefit masses. APP

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BUSINESSFriday, 29 March, 2013

Major Gainers

COMPANY OPEN HIGH LOW CLOSE CHANGE TURNOVERNestle Pakistan Ltd. 5000.00 5250.00 5240.00 5250.00 250.00 720Attock Refinery XD 193.77 203.29 194.60 201.98 8.21 2,386,700Pak Services 197.15 207.00 188.01 205.00 7.85 1,300Shell Pakistan Ltd. 124.96 131.20 125.00 130.70 5.74 320,100Exide (PAK) 351.00 356.50 341.00 356.50 5.50 1,600

Major LosersColgate Palmolive 1745.00 1658.20 1657.75 1658.20 -86.80 100Fazal Textile 230.61 219.08 219.08 219.08 -11.53 200Indus Motor CoXD 292.00 300.00 282.00 282.00 -10.00 7,100Philip Morris Pak. 311.62 323.00 296.10 302.64 -8.98 87,500Sanofi-Aventis Pak 377.00 377.00 370.00 370.00 -7.00 700

Volume Leaders

P.I.A.C.(A) 7.40 7.64 6.90 7.11 -0.29 12,272,000P.T.C.L.A 19.76 20.17 19.37 19.70 -0.06 12,099,500Lotte PakPTA 7.61 7.75 7.23 7.31 -0.30 10,670,500Maple Leaf Cement 17.20 17.38 16.53 16.68 -0.52 10,487,500TRG Pakistan Ltd. 7.60 7.78 7.35 7.45 -0.15 8,214,000

Interbank RatesUSD PKR 98.3965GBP PKR 148.8443JPY PKR 1.0410EURO PKR 126.0262

ForexBUY SELL

US Dollar 99.00 99.25 Euro 124.86 125.08 Great Britain Pound 147.49 147.73 Japanese Yen 1.0316 1.0424 Canadian Dollar 95.61 97.31 Hong Kong Dollar 12.42 12.67 UAE Dirham 26.65 26.90 Saudi Riyal 26.15 26.38

LAHORE: Prof Dr Niaz Akhtar, rector National

Textile University Faisalabad, and Amir Khanzada,

Managing Director Pegasus Consulting,

inaugurate the 11th edition of MEGATECH-

Pakistan 2013 at Expo Centre. STAFF PHOTO

KARACHI: Asif a Barohi President of NBP,

receives INT CSR Award from Ruqiya Naeem

on 5th international CSR summit on

corporation social responsibility 2013. PR

NBP’s 64th AGM at MarriottKARACHI: National Bank of Pakistan held its 64th

Annual General Meeting at Marriott Hotel Karachi

on Thursday March 28th, 2013. The meeting was

well attended by the shareholders with the

presence of President & CEO, Dr. Asif A. Brohi and

members Board, Mr. Shahid Aziz Siddiqui and Mr.

Tariq Kirmani. The President NBP Dr. Asif A. Brohi

highlighted the Bank’s performance during the year

including the initiatives taken by the management

as well as the challenges being faced. The President

highlighted the fact that Central bank reduced its

policy rate by 250 bps in 2012 making total

reduction of 450 bps in the last 15 months. The

State Bank of Pakistan increased the minimum

profit rate on deposit from 5% to 6%. Due to these

factors the bank’s interest margin like all other

banks remained under pressure. This reduction was

partially offset through volume growth and

improving deposit mix. After tax profit stood at Rs.

16.2 billion, consequent to the adjustment in

discount rate. Total assets of the bank increased to

Rs.1.31trillion at the year end, up by 14% from

year end 2011, an appreciable growth given the

competition and growth in overall banking sector.

The bank’s total deposits increased by Rs. 110

billion or 12%. The President spoke of growth in

bank’s deposit, advances and asset base explaining

the bank’s focused strategy on increasing its CASA

deposits, reduction of non-performing loans,

growth in balance sheet size and expense

management. The Financial Controller Mr. Aamir

Sattar gave a detailed presentation on the financial

performance of the bank as well as highlighting the

performance of each business unit of the bank

spelling out the achievements and the future

strategies in that area. The president explained

that during 2012 several major I.T. initiatives were

undertaken including conversion of almost all the

branches to the online network, expansion of ATM

network, establishment of full fledge 24/7 call

center .The benefits of the said I.T. initiatives

coupled with ongoing I.T. improvement will be

further explored in 2013 in the form of further

market penetration, branch expansion and product

development. A number of shareholders

appreciated the efforts of Dr. Brohi and

congratulated him on assuming the office of the

President NBP. PR

CORPORATE CORNER

02

B

Customer care is vital to any business to keep clients

satisfied and convert them into loyal and long-term

customers. – ICCI President Zafar Bakhtawari

ISLAMABAD

APP

CHAIRMAN SenateNayyer Hussain BokhariThursday called for en-hancing trade co-operationand investment in varioussectors between Pakistan

and South Korea as the former gave great im-portance to bilateral ties with Korea.

“Our relations are ever progressing sincetheir establishment three decades ago and it isneed of the hour that we must enhance ourtrade co-operation and investment in varioussectors,” Bokhari said in a meeting with Ko-rean Ambassador Chongjo Choi who called onhim at Parliament House.

The Korean ambassador extended formalinvitation to Chairman Senate from KoreanNational Assembly Speaker, Kang Chang Heeon the auspicious occasion of completion of

30 years of diplomatic relations between Pak-istan and Korea.

Talking about enhancing co-operation indifferent fields, the chairman said both Pak-istan and Korea should further strengthen theirengagement in economic sphere where hugepotential exists. He reiterated that Korea canparticularly invest in energy sector and scienceand technology fields. He said a large numberof Pakistani students is getting education fromKorean institutions and emphasized the needto enhance number of scholarships for Pak-istani students as they can act as a bridge be-tween the two countries.

The Chairman stressed the need for fre-quent exchange of Parliamentary delegationswhich can bring about fruitful results in thelonger run. The Chairman further said thatpeople to people contacts can also bring thetwo countries much closer. Bokhari expressedhis desire that he wouid appreciate if both Ko-rean President and Prime Minister could visitPakistan. He said that a large number ofskilled labour from Pakistan is working inSouth Korea and if needed, more skilledlabour can be sent.

The chairman told the ambassador thatPakistan wanted good relations with all itsneighbours and peaceful resolution of all out-standing issues like Kashmir and water disputewith India through dialogue.

Pak-Korea relationsto be strengthened inall spheres: Bokhari

US importersappreciate Pak made fire proof garments LAHORE: Foreign importers from variouscountries have appreciated high quality fire andheat proof garments made in Pakistan, primarilyfor car racers and motorbike riders.Founder chairman of Pak-US BusinessCouncil,Iftikhar Ali Malik, here on Thursdaysaid this while talking to a delegation of leadingexporters from Sialkot led by chief executive“BFW”,Abdul Ghafoor Butt.He said that US investors including those fromGermany,Finland, Australia,New Zealand,Swe-den,UK,Japan,China,India etc have appreciatedhigh quality Pak made fire & heat proof gar-ments which are competitive in terms of interna-tional standard widely acknowledged by “FIAand SFI”.He said that Pak garments, especially manufac-tured for car racers (Formula I Racers) and mo-torbike riders, attracted 20 foreign markets,especially USA. “We are successfully exporting car racer wearfire proof garments including fire proofsuits,shoes,gloves and undergarments especiallyused by “Formula 1 Racers” to USA. Only two manufacturers in Pakistan are export-ing these products. We have captured importantforeign markets by taking advantage of latesttechnology through highly skilled,competitiveworkforce and quality control,said Director Mar-keting,BFW,Nazim Abbas.

He said that BFW “sister concern” was also ex-porting leather products including executivebags, wallets, laptop bags and desk sets. APP

TUSDEC FostersIndustrial Automation TUSDEC (Technology Upgradation and Skill

Development Company) aims to establish PIIA

(Pakistan Institute of Industrial Automation) in

order to render a training platform to consummate

the shortage of skilled manpower in the local

automation industry. A company spokesperson

shared that a pervasive baseline assessment has

revealed the dearth of formally trained workforce

for equipment maintenance, troubleshooting,

installation and programming of pertinent

equipment. The source further shared that PIIA

will not only act as an ordained institute for

manpower training but will also steer the planning

and implementation of PLC (Programmable Logical

Controller) and Industrial Automation Projects in

the country. The institute will extend consultation

and advisory services acting as an adept solution

provider for industrial automation problems faced

by the Industry. The source further shared that

PIIA will also substantiate the concept of industrial

incubation under which, infrastructural support

and consultancy will be extended to the

Automation Equipment Manufacturers or Suppliers

for setting up or upgrading their own labs and

production units. Figures from Pakistan Bureau of

Statistics reveal that import of modern machinery

and equipment during 2010-11 was worth USD

6,547 million which then rose to USD 7,167 million

in 2011-12. The accelerating figures indicate the

mounting demand of PLC based systems in

Pakistani industry. Besides larger number of

factories and SMEs in different sectors are shifting

towards Programmable Logical Controllers to

manage their operations. With aggravated

functionality of PLCs, the demand supply gap of

qualified automation personnel is on the rise.

Conforming the indigence the industrialists have to

rely either on pricey foreign experts services or

reckon on a small assemblage of local experts who

are not enough to cater to the rising demand.

TUSDEC shared the findings of their need

assessment survey according to which, paucity of

skilled technical manpower is a key hindrance in

acquisition of automation by many industrial units

in Pakistan keeping the industry at bay from the

gains of process efficiencies. The survey also

divulged that most of the prevalent technical

training institutes are providing core level trainings

while Original Equipment Manufacturers are only

engaged in diagnostic trainings related to their

own design and manufacturing processes. PIIA will

serve the industrial sectors of Pakistan in most

efficacious ways by supplying them with skilled

manpower trained on latest equipment in the

sphere of automation thus helping the industry

to recuperate its productivity to achieve global

competitiveness. PR

LAHORE: Chairman WAPDA Syed Raghib Shah

visited LESCO Head Office on Wednesday where

Chief Executive LESCO Muhammad Saleem

received him on his arrival. LESCO Chief briefed

him on different aspects of the Company. Chairman

WAPDA presided over a meeting of LESCO

Directors and field officers. Besides this Chairman

WAPDA visited different departments of LESCO

Head Office and discussed various professional

issues with LESCO officers. During his address

Chairman WAPDA explained his vision and

standards of performance about administrative and

technical fields. He advised the officers to provide

the uninterrupted electricity to the consumers,

through better load management, enhance the

standard of Customer Service and improve the

recovery situation. Chairman WAPDA also assured

the officers about performance based incentives

and urged cooperation and dedicated performance

from LESCO officers. PR

WAPDA chief visits LESCO HO

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